New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-12-02
THE BALTIMORE AND OHIO.
DELAY IN SYNDICATE NEGOTIATIONS.
rur BALTIMORE HOLDERS THINKING OF LOCAL
TRUSTEES uIP--IMPIOvED BIDDING FOR COMMON
rnY TELEGRAPH 70 THE rarsUsaI

frY rrIson,PI TO THE Tribunal
BALTIMORE Dec 1-Thcro Is undoubtedly hitch
somewhere In the Baltimore and Ohio Railroad COM
PAWS negotiations with tho syndicate The mec'ins
of tho directors set for to-day for reorganization and
election OF president did not take place. From what
can ~ learned to-day the final negotiations have beea
considerably ccir-cd and the call that had been OK
tcnded for tho special meern- was withdrawn Ono
NJ the directors said that the difficulty rn- bad OK
stcd between the negotiating parties is being Straight
encd ont but the gentleman could not say how long
a tine The srs 'ghtcnng ont process would take An
other director said tha far rs be could learn thee
would he no attempt the part Of the Baltimore ana
Ohio to back out OF any former agreement with tho
syndicate
Several bankers ventnred tho opinion that inc
syndlcate was trying 70 drive too cose bargain, that
T. Harrison Garrett, who has been In New-fork Win
Vice President Spencer has, as the voting holder OF
majority of the srock, insisted on certain prov'sos
being made In the agreement which the syndicate IS
unwilling TO grant There is no doubt that the Tar
rctts want to continue their hold the corporation,
knowing man on Change said to-day:
"They'rc going to do 1t, syndicate or no Syndicate
Tho sales of The oxpTcsj anil tho telegraph have
been made since the Drexel-Morgan syndicate took
hand in Baltimore and Ohio affairs. 1t Is generally
understood that the syndicate has taken care to he
well paid for all trouble and for Inc temporary IMAM
cIal advances made. The balance OF the plan was 10
be carried out and that involved tho negotiation or mo
IS 600 coo In PER cent bonds and the provision 1or
the general mortgage loan. When tho time camo FOR
the final arrangement Of the dot ais tho Baltimore ana
Ohio party discovered that tho terms of tho syndicate
were hardening and the first few days OF this week
there were real foebodIngs that the whole arrange
,oent might fall through Tho Batimoreans had
reached a conclusion that It would be better to have
tho railroad placed In the hands OF temporary trust
at homo that would be friendly. and let the great cor
poraon work It's way through Its pressing dihcni'les
But the syndicate which interested in other trunk
line roads In the Western Union Telegraph ana oher
big concerns breads tho suggestion OF receiver
ship The upsnot of the conference Is given IN ABOUT
these words, used by gentleman who knows what
was going on
.Thcrc has been a Earring OF interests. The syn
dictate people have demanded mnch as they thought
they conld possibly get They reached the climax ID
their demands and Will have to reduce them To meet
the views of the Baltimore and Ohio side There -
not much probability Of the failure OF the negotiations
with tho syndicate. 1t wanted to handle moro OF tnc
baltimore aud Ohio securities than It can GEL, and VIII
have IN mako the money II expected In some other
way.'
baltimore and Ohio stock to-day was irmcr, 1903
being bid as against 107 yesterday, while 1lo was
asked 4 statement OF the financial showing Oh inc
company for 1887 has been In the hands OF bankers
here for several days. and it Is understood that one
Ggrcs come from reliable and are not far ont
nFF .hs ~ In arv prportant item. This showing
places the total fixed charges at s5,471,16S, and the
amount on which fixed charges were pald 81
sg- or IN Tho interest the S1OOOoOOo or
more OF aoang debt placed at 100000 The sales
OF the express at S2.00O.000. and tho telegraph az
"a 600. 600 have reduced this floating debt by
s 900 600 and the IS 600 900 Of pcr cent bonds to
fe issued Will probably WIPE ont the balance OF INC
Goanr debt and that interest charge to abont
$3.50 900 The sinking fund charges OF SI4oOVo
taken from the earnings for 1857 VIII next year Do
made u, from the > per cent general mortgage loan,
and the earnings will not BIO depleted to Keep ub INC
sinking funds. In the items OF interest on mo noat
ing debt and charges for the sinking funds me h&eu
charges should be S1.1O0 OoO less In 1855. me
amounts paid in 1857 for city and state taxes Wetc
wonderfully small Iakcn thone1oue, ,io ro t,
does not make bad showing, and II the company ioeS
as we'll in 1885, with the 100000 reduction IN n1ea
charges shown above, there should be c0miortapie
surnlus after all fixed charges are paid The staten
ISLAND Railroad 81. 800 600 loan IS not SHOWN III me
fixed charges, because that ROAD earns cho"si u '"'